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AGENDA
MEETING OF THE
STATE BOARD OF ADMINISTRATION
(Contact Person: Dorothy Westwood
- 488-4406)
THE CAPITOL
October 24, 2000
- Approval of minutes of meeting held October
10, 2000. (Att. #1)
2. A RESOLUTION OF THE
STATE BOARD OF ADMINISTRATION APPROVING THE FISCAL SUFFICIENCY OF
AN AGGREGATE AMOUNT NOT EXCEEDING $125,000,000 STATE OF FLORIDA,
DEPARTMENT OF TRANSPORTATION TURNPIKE REVENUE BONDS, SERIES 2000
[LETTER DESIGNATION(S) TO BE DETERMINED]:
The Division of Bond Finance of the State Board
of Administration (the "Division") has submitted for approval as
to fiscal sufficiency a proposal to issue an aggregate amount Not
Exceeding $125,000,000 State of Florida, Department of Transportation
Turnpike Revenue Bonds, Series 2000 [letter designation(s) to be
determined] (the "Bonds"), for the purpose of financing capital
improvements to the Turnpike System and the acquisition of the Sawgrass
Expressway. It is anticipated that on October 24, 2000, the Governing
Board of the Division will adopt the Fourteenth Supplemental Authorizing
Resolution, authorizing the sale and issuance of the Bonds.
The proposed Bonds shall be secured, along with
certain other previously issued parity bonds, by a first lien upon
Net Revenues of the Turnpike System, which consists of all tolls,
revenues, rates, fees, charges, receipts, rents or other income
derived from, or in connection with, the operation of the Florida
Turnpike, less any necessary contribution to fund the Cost of Maintenance
and Cost of Operation after taking into account other sources of
funds available to fund the Cost of Maintenance and Cost of Operation.
The tolls are required to be fixed, and adjusted if necessary, so
that gross revenues shall be sufficient to pay at least (i) 100%
of Operation and Maintenance costs; (ii) 120% of the Annual Debt
Service Requirement; and (iii) 100% of all other payments required
by the Authorizing Resolution.
RECOMMENDATION: A study of this proposal
and the estimates of revenue expected to accrue indicate that the
proposed Bonds are fiscally sufficient and that the proposal will
be executed pursuant to the applicable provisions of law. It
is recommended that the Board approve the fiscal sufficiency of
the proposal outlined above. (Att. #2)
AGENDA
October 24, 2000
Page two
3. A RESOLUTION OF THE STATE BOARD OF ADMINISTRATION
OF FLORIDA RESCINDING THE APPROVAL OF FISCAL DETERMINATION OF AMOUNTS
NOT EXCEEDING $8,816,500 TAX EXEMPT AND $3,901,000 TAXABLE FLORIDA
HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2000 SERIES (ONE
OR MORE SERIES TO BE DESIGNATED) (GRANDE POINTE APARTMENTS) AND
APPROVING THE FISCAL DETERMINATION OF AMOUNTS NOT EXCEEDING $8,816,500
TAX EXEMPT AND $4,173,000 TAXABLE FLORIDA HOUSING FINANCE CORPORATION
HOUSING REVENUE BONDS, 2000 SERIES (ONE OR MORE SERIES TO BE DESIGNATED)
(GRANDE POINTE APARTMENTS):
The Florida Housing Finance Corporation (the
"Corporation") has requested the State Board of Administration to
rescind its approval of fiscal determination of amounts Not Exceeding
$8,816,500 Tax Exempt and $3,901,000 Taxable Florida Housing Finance
Corporation Housing Revenue Bonds, 2000 Series (one or more series
to be designated) (Grande Pointe Apartments), and has submitted
for approval as to fiscal determination a proposal to issue amounts
Not Exceeding $8,816,500 Tax Exempt and $4,173,000 Taxable Florida
Housing Finance Corporation Housing Revenue Bonds, 2000 Series (one
or more series to be designated) (the "Bonds") for the purpose of
financing the construction and equipping of a multifamily residential
rental development located in Orange County, Florida (Grande Pointe
Apartments).
The Bonds shall not constitute an obligation,
either general or special, of the State or of any local government
thereof; neither the State nor any local government thereof shall
be liable thereon. Neither the full faith, revenue, credit nor taxing
power of the State of Florida, or any local governments thereof
shall be pledged to the payment of the principal of, premium (if
any), or interest on the Bonds. The Bonds shall be payable as to
principal, premium (if any), and interest solely out of revenues
and other amounts pledged therefor.
RECOMMENDATION: A study of this proposal and
of estimates of revenue and other available moneys expected to accrue
indicate that the issue meets the requirements for the fiscal determination
required by Section 420.509, Florida Statutes, as stated in Article
VII, Subsection 16(c) of the revised Constitution of 1968, and the
Executive Director recommends that the State Board of Administration
of Florida (the "Board") approve the
fiscal determination thereof. It is further
recommended that, pursuant to the fiscal
determination requirements of Subsection 16(c)
of Article VII of the revised Constitution of 1968, the Board find
and determine that in no State fiscal year will the debt service
requirements of the Bonds proposed to be issued and all other bonds
secured by the same pledged revenues exceed the pledged revenues
available for payment of such debt service requirements. The Board
has relied upon information from others but has not independently
verified the accuracy or completeness of such information. The Board
does not assume any
AGENDA
October 24, 2000
Page three
responsibility for, and makes no warranty (express
or implied) with respect to any other aspect of this bond issue
except for fiscal determination. (Att. #3)
4. APPROVAL OF FISCAL DETERMINATION
OF AMOUNTS NOT EXCEEDING $10,365,000 TAX EXEMPT AND $4,780,000 TAXABLE
FLORIDA HOUSING FINANCE CORPORATION HOUSING REVENUE BONDS, 2000
SERIES (SERIES TO BE DESIGNATED) (WESTWOOD APARTMENTS):
The Florida Housing Finance Corporation has
submitted for approval as to fiscal determination a proposal to
issue amounts Not Exceeding $10,365,000 Tax Exempt and $4,780,000
Taxable Florida Housing Finance Corporation Housing Revenue Bonds,
2000 Series (series to be designated) (the "Bonds") for the purpose
of financing the construction and equipping of a multifamily residential
rental development located in Lee County, Florida (Westwood Apartments).
The Bonds shall not constitute an obligation,
either general or special, of the State or of any local government
thereof; neither the State nor any local government thereof shall
be liable thereon. Neither the full faith, revenue, credit nor taxing
power of the State of Florida, or any local governments thereof
shall be pledged to the payment of the principal of, premium (if
any), or interest on the Bonds. The Bonds shall be payable as to
principal, premium (if any), and interest solely out of revenues
and other amounts pledged therefor.
RECOMMENDATION: A study of this proposal and
of estimates of revenue and other available moneys expected to accrue
indicate that the issue meets the requirements for the fiscal determination
required by Section 420.509, Florida Statutes, as stated in Article
VII, Subsection 16(c) of the revised Constitution of 1968, and the
Executive Director recommends that the State Board of Administration
of Florida (the "Board") approve the fiscal determination
thereof. It is further recommended that, pursuant to the fiscal
determination requirements of Subsection 16(c) of Article VII of
the revised Constitution of 1968, the Board find and determine that
in no State fiscal year will the debt service requirements of the
Bonds proposed to be issued and all other bonds secured by the same
pledged revenues exceed the pledged revenues available for payment
of such debt service requirements. The Board has relied upon information
from others but has not independently verified the accuracy or completeness
of such information. The Board does not assume any responsibility
for, and makes no warranty (express or implied) with respect to
any other aspect of this bond issue except for fiscal determination.
(Att. #4)
AGENDA
October 24, 2000
Page four
- INVESTMENT POLICY STATEMENT:
The State Board of Administration requests that
the Trustees approve filing the Investment Policy Statement, which
was initially approved at the Trustees meeting on September 26,
2000, for notice. The proposed rulemaking was the subject of a rule
development workshop on October 13, 2000. (The back-up material
will be furnished prior to the meeting).
- REPORT BY THE EXECUTIVE DIRECTOR:
Submitted for information and review is the
fund activity analysis for the month of August 2000. (Att. #6)
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